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- Lease_purchase_contract abstract "A lease purchase contract is a shortened name for lease with option to purchase contract. It is a form of real estate purchase which combines elements of a traditional rental agreement with an exclusive option of right of first refusal to later purchase the home. These contracts are commonly used where a buyer wants to purchase a home, but due to credit issues would not qualify for a conventional mortgage and does not wish to, or would not qualify, for FHA or VA financing.Under the typical terms, the tenant/buyer chooses the home and seeks a landlord/seller to serve as an investor. The tenant/buyer then agree to a lease period, during or after which the tenant/buyer has the exclusive right to purchase the home at a previously agreed-upon price. The tenant/buyer pays to the landlord/seller a non-refundable option deposit that is applied to the purchase price of the home.Should the tenant/buyer not wish or be unable to purchase the house, the tenant and landlord can agree to extend the option period, convert the lease purchase contract into a traditional rental agreement, or end the contract with the tenant moving out and the landlord seeking other renters or buyers.Lease purchase and lease option could be considered different where a lease purchase uses a purchase agreement and a lease option may not and an option is a unilateral contract and a purchase agreement is typically a bilateral contract.".
- Lease_purchase_contract wikiPageID "1056691".
- Lease_purchase_contract wikiPageRevisionID "560174234".
- Lease_purchase_contract hasPhotoCollection Lease_purchase_contract.
- Lease_purchase_contract subject Category:Contract_law.
- Lease_purchase_contract subject Category:Legal_documents.
- Lease_purchase_contract subject Category:Property_law.
- Lease_purchase_contract subject Category:Real_estate_terminology.
- Lease_purchase_contract type Abstraction100002137.
- Lease_purchase_contract type Communication100033020.
- Lease_purchase_contract type Document106470073.
- Lease_purchase_contract type LegalDocument106479665.
- Lease_purchase_contract type LegalDocuments.
- Lease_purchase_contract type Writing106362953.
- Lease_purchase_contract type WrittenCommunication106349220.
- Lease_purchase_contract comment "A lease purchase contract is a shortened name for lease with option to purchase contract. It is a form of real estate purchase which combines elements of a traditional rental agreement with an exclusive option of right of first refusal to later purchase the home.".
- Lease_purchase_contract label "Lease purchase contract".
- Lease_purchase_contract sameAs m.0426dp.
- Lease_purchase_contract sameAs Q6510289.
- Lease_purchase_contract sameAs Q6510289.
- Lease_purchase_contract sameAs Lease_purchase_contract.
- Lease_purchase_contract wasDerivedFrom Lease_purchase_contract?oldid=560174234.
- Lease_purchase_contract isPrimaryTopicOf Lease_purchase_contract.